CML: Development of mortgage indemnity scheme in Scotland supported
Wednesday, 29 June 2011
12:23 PM
The Council of Mortgage Lenders welcomes today's news from the Scottish Government that it has agreed to commit funds to the development of a mortgage indemnity scheme for new build properties in Scotland.
With constrained conditions still affecting the housing and mortgage markets in all parts of the UK, it is promising to see support for innovative ideas that aim to meet the aspirations of potential home owners.
CML policy consultant for Scotland Kennedy Foster commented:
"We look forward to working with Homes for Scotland and its advisers on the scheme. While much work still needs to be done in developing the details, this is a promising step."
Progress continues towards constructing a similar scheme for England and Wales, with developers and lenders actively working on a proposal for a joint initiative.
NOTES TO EDITORS
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 94% of all residential mortgage lending in the UK. There are 11.3 million mortgages in the UK, with loans worth over £1.2 trillion.
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